Huobi Research Weekly (Vol.149) (2021.1.11–2021.1.17)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.32%, with 38 projects decreased in value to varying degrees. According to coinmarketcap, as of January 17, 2021, the total market cap of cryptocurrencies was 1010.5 billion U.S. dollars, decreased of 2.32%, and the total market cap of the top 100 cryptocurrencies was 993.3 billion U.S. dollars, decreased by 3.98% from last week. 4 cryptocurrency projects entered the top 100 this week, namely ANT、CRV、IOST and VGX. As of January 17, 2021, Bitcoin was traded at 35791.28USD, 6.66% lower than its price last week. Ethereum was traded at 1230.17USD, 2.46% lower than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin increased and the difficulty of mining Ethereum increased. The average number of transactions per block decreased but the average block size of Bitcoin increased. The average number of transactions per block decreased andthe average block size of Ethereum decreased this week.The average transaction fees of Bitcoin decreased and Ethereum decreased. BCH was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 153.0EH/s, increased by 2.34% from the previous week.Average Hashrate for the entire Ethereum network was 325.11TH/s this week, increased by 5.64%. Average difficulty for mining Bitcoin this week was 20.60T, increased by 6.40% from last week. The average difficulty of mining Ethereum this week was 4122.09TH, increased by 5.28% from that of previous week.

In network activity, the average size of each block was 1.32MB, increased by 4.76% from last week; there were on average 2098 transactions recorded in each block, decreased by 9.26% from the previous week. The average number of transactions per block in Ethereum this week was 183.5, decreased by 5.80%. The average size of each block was 42785.42 bytes, decreased by 1.89% compared to last week Average transaction fees of Bitcoin this week was $10.58, decreased by 23.89% from last week. Average transaction fees of Ethereum this week was $6.429, decresead by 10.20% from last week. The total number of Bitcoin addresses was 64923857, increased by 587323 (0.91%) Bitcoin cash was the most active project on GitHub this week, with 57 commits submitted in the past week.

In terms of community activity, Tron, Bitcoin and Ethereum are the most popular communities on Facebook. On Twitter, the most popular communities are Bitcoin, Ripple and Ethereum.

2 investments activities took place in the blockchain industry this week, Baecsense got tens of millions yuan in strategic investment from Zhongguancun Science City, Digital Assets Data got bought from NYDIG.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 2.32%, with 38 projects decreased in value to varying degrees. According to coinmarketcap, as of January 17, 2021, the total market cap of cryptocurrencies was 1010.5 billion U.S. dollars, decreased of 2.32%, and the total market cap of the top 100 cryptocurrencies was 993.3 billion U.S. dollars, decreased by 3.98% from last week, among which, HEDG had the largest increased of 247.46%, bringing its market cap ranking from №99 to №54, BSV had the largest decreased of -21.50%, bringing its market cap ranking from №13 to №14. In addition, there were 4 projects that entered TOP100, namely, ANT (Aragon, increased 26.91%, Now №97), IOST (IOST, increased 116.15%, Now №75), VGX (Voyager Token, increased 120.79%, Now №84), CRV (Curve DAO Token, increased 176.66%, Now №76). As of January 17, 2021, Bitcoin was traded at 35791.28USD, 6.66% lower than its price last week. Ethereum was traded at 1230.17USD, 2.46% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 34.25% compared with the same period of last week. In this week, 32 of the top 100 projects increased in 24h trading volume, led by CRV with a weekly increase of 524.79%; there were 68 projects decreased in their 24h trading volume, there were 50 projects that saw over 20% decrease in their 24h trading volume, while 21 projects fell by more than 50%, led by BTG, with a decreased of -88.54%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On January 17, 2021, the overall market cap of the top 10 cryptocurrencies was 904.8 billion USD, decreased by 4.69% from last week, accounting for 89.54% of the total market capitalization of cryptocurrencies, decreased by 2.23% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.89%, decreased by 3.06% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest decrease. The average market cap of Coin Project got the largest decrease. As of January 17, 2021, the total market cap of coin projects reached 742.2 billion USD, decreased by 5.43%. The average market cap of coin projects reached 14.2 billion USD, decreased by 9.06%. The total market cap of platform projects reached 176.4 billion USD, decreased by 0.92%. The average market cap of platform projects reached 7.67 billion USD, increased by 7.70%. The total market cap of application class projects reached 49.6 billion USD, increased by 6.01%. The average market cap of application class projects reached 2.25 billion USD, increased by 6.01%. The total market cap of asset-backed token projects reached 25.0 billion USD, increased by 0.89%. The average market cap of asset-backed token projects reached 8.34 billion USD, increased by 0.89%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of January 17, 2021, among the top 100 projects, the number of coin class projects increase 2, application class projects remain the same, platform class projects decrease 2 and asset-backed token class remain the same.The largest overall market cap by segment was still coin projects, accounting for 74.72% of the total market cap of top 100 projects.

Note: According to the different attributes of cryptocurrencies, Huobi Academy of Blockchain Application will divide them into four categories: Coin, Application Class, Platform Class and Asset-backed Token.

Coin Project: Refers to a type of asset developed based on blockchain technology that does not correspond to a specific use scenario and whose main function is only the transaction target. Its asset value is mainly reflected by liquidity.

Platform Class Project: A type of asset that is associated with the development of the underlying technology of the blockchain and is supported by the right to use or participate in the platform.

Application Class Project: Refers to a type of asset that is associated with a specific application scenario and is supported by a certain right of use, participation, or dividend.

Asset-backed Project: Refers to a class of assets that is linked to actual assets such as gold and US dollars and supported by the value of physical assets.

2. Technical Statistics

2.1 Cryptocurrency Mining Statistics

The hashrate of Bitcoin increased and Ethereum increased by this week. From January 11, 2021- January 17, 2021, the average bitcoin Hashrate for the entire network reached 153.0EH/s, increased by 2.34% from the previous week.

Average Hashrate for the entire Ethereum network was 325.11TH/s this week, increased by 5.64%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of January 17, 2021, average difficulty for mining Bitcoin this week was 20.60T, increased by 6.40% from last week. The average difficulty of mining Ethereum this week was 4122.09TH, increased by 5.28% from that of previous week.

The number of blocks in Bitcoin decreased by 7.23%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 1.04%. In the past week, Bitcoin mined 1040 blocks, decreased by 7.23% from the previous week. Among the top five pools were F2Pool、Binance Pool、BTC.com、Poolin、AntPool, these 5 pools mined 167、128、126、116 and 106 blocks respectively, accounting for 16.06%、12.31%、12.12%、11.15% and 10.19% of all Bitcoins mined this week. The Hashrate was 24.45EH/s、18.74EH/s、18.45EH/s、16.98EH/s and 15.52EH/s, respectively.

In the past week, Ethereum’s entire network mined 48687 blocks, increased by 1.04% in the previous week. The top five pools were SparkPool, Ethermine, F2pool,Zhizhu.top, and Nanopool, each mined 12136、10416、5077、3693 and 2484 blocks respectively, accounting for 24.9266%、21.3938%、10.4278%、7.5852% and 5.1020% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block decreased but the average block size of Bitcoin increased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from January 11, 2021- January 17, 2021, the average size of each block was 1.32MB, increased by 4.76% from last week; there were on average 2098 transactions recorded in each block, decreased by 9.26% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 183.5, decreased by 5.80%. The average size of each block was 42785.42 bytes, decreased by 1.89% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 10.55%. Number of unconfirmed transactions in Ethereum increased by 1.81% from the previous week. As of January 17, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 41522, increased by 10.55% from last week. There were 158241.14 unconfirmed transactions in the Ethereum network, increased by 1.81% from last week, with the lowest amount of unconfirmed transactions in the week being 136609 and the highest amount being 194152.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of January 17, 2021, average transaction fees of Bitcoin this week was $10.58, decreased by 23.89% from last week. Average transaction fees of Ethereum this week was $6.429, decresead by 10.20% from last week.

The average number of distinct miners per day in Ethereum increased. From January 11, 2021- January 17, 2021, the average number of distinct miners per day in Ethereum this week was 53.1, increased by 0.57% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of January 17, 2021, there were 11669 Bitcoin nodes, increased by 34.08% compared to last week, of which 1969 nodes were in the U.S, 1832 nodes were Germany, and 239 nodes were in China(№8), each accounting for 16.87%, 15.70% and 2.05% of the total number of Bitcoin nodes, respectively.

As of January 17, 2021, there were 11025 Ethereum nodes, decreased by 5.61% from the previous week. Specifically, there were 3016 nodes in the U.S, 1707 nodes in Germany, and 1098 nodes in China, each accounting for 27.36%, 15.48%, 9.96% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of January 17, 2021, the total number of Bitcoin addresses was 64923857, increased by 587323 (0.91%).

BCH was the most active project on GitHub this week. From January 11, 2021 — January 17, 2021, Bitcoin cash was the active project repository on GitHub with a total of 57 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 950k, 625k and 186k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 1.2million , 1million, and 591k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. South Korea’s tourist hotspot launches DLT-based app tracing COVID-19

Jeju Island, a major tourist destination in South Korea, is introducing a government-backed, system for tracking COVID-19 contacts based on blockchain technology.On Jan. 14, the Jeju Special Self-Governing Province and blockchain technology firm Iconloop announced that the blockchain-based contact tracing system is now fully operational.Called “Jeju Safety Code,” the project was initiated in August 2020 to enable COVID-19 contact tracing for Jeju Island’s 15 million annual visitors. The Jeju Safety Code allows visitors and tourists to securely check in at public places without risking the loss of personal data. To use the Jeju Safety Code app, visitors scan a QR code at a business or tourist destination. Business owners can place QR codes across their facilities, allowing people to check in without forming a line. Visitor’s personal identifying information and visit records are stored in a private blockchain network. The app uses Iconloop’s decentralized identity, or DID, technology system to ensure that all data is kept private unless a COVID-19 case is discovered.

2. US Navy awards $1.5M jet fighter contract to blockchain project

SIMBA Chain, a cloud-based smart contract platform, has been tasked with revamping the supply chain of the United States military after it received a $1.5 million grant from the U.S. Office of Navy Research.The project will be responsible for developing a blockchain-based solution to enable demand sensing for critical military weaponry parts. Demand sensing is a forecasting technique used in supply chain logistics that processes information in real-time to accurately predict demand ahead of time. Project lead for NESTT, Steve McKee, said the Navy’s Small Business Innovation Research (SBIR) program was allocated $30 million in 2020 to develop technological innovations that improve military readiness:“In 2020, the Department of the Navy’s SBIR Program allocated over $30 million to help advance innovations to improve readiness. This blockchain project with SIMBA Chain exemplifies the role of technology in revitalizing not just our military facilities, but our systems as well. Pilot projects like this one with the Fleet Readiness Center in Jacksonville drive both innovation, and ultimately positive outcomes,”

3. Iota blockchain used to track COVID-19 test results at Frankfurt Airport

Early on in the coronavirus pandemic, the heightened need for various biosurveillance measures sparked interest in the relevance of privacy-enhancing technologies such as blockchain that could protect public health data amid the crisis. Ubirch, a blockchain-based cybersecurity technology provider based in Cologne and several other locations, has developed the IT infrastructure for a solution it calls the “Digital Corona Test Certificate.” The solution supports verification of an individual’s SARS-CoV-2 status while remaining compliant with European data protection standards under the GDPR framework. An Ubirch representative explained:”Ubrich anchors an anonymous digital fingerprint in a blockchain. This way, an individual’s certified SARS-CoV-2 status can easily be verified by the airline at the departure gate, the arrival airport, or any other entry point by scanning a QR Code. Important to know is that at no point during the process are person-specific user data or test results visible in the blockchain.”

3.2 International Policies

1. Crypto custody firm graduates Singapore Monetary Authority’s regulatory sandbox

Singapore-based Propine emerged from the MAS regulatory sandbox with a Capital Markets Services License and an authorization to begin offering digital-asset services to institutions. Singapore financial law states that a company must hold a Capital Markets Services License if it wishes to conduct business activities regulated under Singapore’s Securities and Futures Act. Upon successful completion of the program, Propine gained a CMS license and will now begin to roll out its full range of services, including, but not limited to, digital-asset custody, trade settlement facilitation, asset servicing and services catering to global securities issuers.Propine CEO Tuhina Singh suggested that the clear regulatory framework provided by the MAS could help catalyze institutional participation in tokenization and cryptocurrency:“Having a clear regulatory framework is of vital importance for the safe development of security token. This allows hesitant but eager institutions waiting on the sidelines, to be able to participate in tokenization. Compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created.”

2. Korea’s Shinhan Bank makes strategic investment in crypto custody consortium

Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investment.According to a Thursday report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital-asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital-asset research company Fair Square Lab. Shinhan Financial Group chairman and CEO Yong-Byung Cho said that digital-asset custody will benefit from the bank’s compliance capabilities and custody experience. “We will secure competitiveness in custody services and proactively respond to the rapidly changing digital asset market due to the implementation of the Special Financial Information Act,” the executive stated.

3. Kenyan crypto firms on notice as digital tax law takes effect

Kenya’s planned Digital Service Tax, or DST, came into effect at the start of 2021. The DST is part of the country’s 2020 revamped Finance Act that focuses on the digital services market among other sectors.Based on the provisions of the new tax regime, e-market transactions including cryptocurrency payments now attract a 1.5% levy. According to the Kenyan Revenue Authority, or KRA, the DST will serve as the final tax payment for non-residents and companies not domiciled in the country. Residents and companies with offices in the country will see their DST payments offset against any income taxes levied during the year.Kenya’s policymakers say the new tax policy will do little to affect digital services startups in the country. The KRA also argued that the DST will ensure that foreign firms remit part of their earnings in the country to the government.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Baecsense got tens of millions yuan in strategic investment from Zhongguancun Science City, Digital Assets Data got bought from NYDIG.

Huobi Research

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Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in Blockchain to the public, ultimately promoting the development of the Blockchain industry.

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Disclaimer:

1. Huobi Research does not have any form of association with Blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

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3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

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